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The good and bad of Egypt’s policy shift, Aramco transfer

Last week’s policy moves in Egypt have raised concerns about a fresh surge in inflation, particularly after the jump recorded in the February CPI data. But while inflation may increase again in March, we think that will mark the peak and inflation will slow over the rest of the year. Meanwhile, there are some early signs that the devaluation may be acting as a catalyst for foreign firms to make investments in the country. Elsewhere, the Saudi government transferred more shares of Aramco to the Public Investment Fund, but that won’t stop the state from leaning on Aramco to prop up revenues.

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